Daily Chart
Half Hourly Chart
Daily Line Chart
- Huge bullish candle retracing 50 % of fall from 5400 on good breadth and average volumes.
- Daily oscillators moving up from oversold area and macd has shown an uptick.
- Half hourly charts show breakout form downward sloping channel giving a target of 5276 and above the green trendline once again.
- Half hourly oscillators are strong and have reached the overbought zone.
- The 5,10,20 & 50 emas are now bullishly aligned on half hourly charts.
I wrote yesterday, The intraday charts though are showing positive divergence and very minor bullish patterns which could develop into a small bouce. What seemed like a small bounce in the offing, turned out to be huge bounce of 175 points! 50 % of the fall was retraced in one day !
The Nifty needs to trade above 5213 tomorrow in order to continue the bullishness. Resistance is at 5241 the 61.8% fibo level. The fall to 4984 consumed 22 days . A faster retracement to 5400 would be bullish .
The trendline from 3918 is now very significant support.Till this line holds the Nifty may move higher.Support from this trendline is at 4994.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
Nice analysis. Further, I would like to ask how the target of 5276 has been calculated for half hourly chart? Thanx.
height of channel added to point of breakout from the channel
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